Singapore banks must move faster on digital technology

DAVID Lee raises several valid points in his article "Singapore banks need to quicken response to disruptive innovations" (BT, June 25).

Digital disruption has already happened in other industries, ie music and publishing. We have seen new players such as Apple and Amazon disrupt these industries and make several incumbent players redundant. Banks are next.

According to research, Singapore has an Internet penetration of 81 per cent, 91 per cent active social media users and 152 per cent mobile phone penetration. Prospective bank customers turn to the Internet to research products, rather than visit a branch.